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Crypto Biz: Here’s what you need to know about CZ’s $96B net worth, Jan. 6-13

January 13, 2022No Comments


Binance CEO Changpeng Zhao, also known as "CZ," is now the 11th richest person in the world, according to Bloomberg. The crypto entrepreneur has amassed a fortune of $96 billion thanks to his thriving exchange business and the rapid appreciation in value of Binance Coin (bnb).

The wealth of CZ offers a startling reminder of just how lucrative crypto has become for early adopters. It is also a sign of things to come as digital assets go mainstream over the next decade. (If you're reading this, there's a good chance you'll also be counted as an early adopter of cryptocurrencies.)

This week's "Crypto Biz" delves into CZ's net worth, the latest developments related to Binance Labs, the growth of another Bitcoin (BTC) treasury and PayPal stablecoin plans. For a full breakdown of business developments over the past week, sign up for the full newsletter below.

Binance Labs invests in the Oasis ecosystem fund

Oasis Network $200 million development fund received another contributor this week at Binance Labs, the venture capital arm of the CZ crypto exchange. Although Binance Labs did not disclose how much it invested in the Oasis Ecosystem Fund, chief investment officer Bill Chin touted the network's Web3 capabilities and "privacy-preserving features" as reasons to support the initiative. On the same day that Binance Labs made its announcement, Oasis Network saw the launch of its first decentralized exchange on YuzuSwap. The Total DEX value locked it exceeded $100 million in its first 24 hours of trading.

CZ's net worth shocks everyone

According to Bloomberg, Binance CEO Changpeng Zhao He is the biggest crypto billionaire and the richest person in Asia with a reported net worth of $96 billion. He is "only" $11 billion short of 10th-ranked Larry Ellison, who is worth $107 billion. CZ's net worth is largely attributed to the overwhelming success of Binance, which is the world's largest crypto exchange by volume. Despite a massive regulatory shake-up in 2021, the company is stepping up its efforts to obtain operating licenses to maintain its global presence.

Bitfarms adds BTC to its treasury

Canadian crypto mining firm Bitfarms has made it very clear that it is trying to accumulate as much Bitcoin as possible. Earlier this week, the firm said it had already acquired 1,000 BTC this year, bringing the total value of his holdings to $177 million. “Our guiding business strategy at Bitfarms is to accumulate the largest amount of Bitcoin at the lowest cost and in the shortest time possible for the benefit of our shareholders,” Bitfarms CEO Emiliano Grodzki said. “With BTC falling while mining hardware prices remain high, we jumped at the opportunity to move cash into BTC.”

Related: Top 5 Bitcoin Bull Stories of 2021

PayPal prepares stablecoin project

PayPal's acceptance of digital assets appears to be widening after a senior company executive confirmed the presence of an internal stablecoin project. Bent "PayPal Currency" The new stablecoin will reportedly be backed by US dollars and will bring more transactional functionality to the crypto space. No timetable was provided for the launch of such a project, although PayPal's VP of crypto José Fernández da Ponte previously stated that further regulatory clarity would be needed before any stablecoin would be given the green light.